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Genetic Technologies Out of Compliance With Nasdaq Listing Rules

NEW YORK (GenomeWeb) — Australian molecular diagnostics firm Genetic Technologies said today that it has received a notice from the Nasdaq Stock Market that it is no longer in compliance with the stock exchange's listing requirements.

According to Genetic Technologies, the Nasdaq said that the company's reported shareholders' equity is less than the required minimum of $2.5 million as of the end of 2018, and that it does not meet the alternatives of market value of listed securities or net income from continuing operations.

Genetic Technologies said it has 45 days to submit a plan, which it intends to do, to the Nasdaq as to how it will regain compliance. If the plan is accepted, Genetic Technologies will be eligible for an 180-day extension to meet the listing requirements.

Genetic Technologies noted that the matter does not affect its listing on the Australian Securities Exchange.

During early Friday morning trading on the Nasdaq, shares of Genetic Technologies were up less than 1 percent at $.7607.